Research On The Controversy Of Control Of Changyuan Group

China's capital market has developed rapidly since it opened up,and its market openness and liquidity are increasing day by day.Therefore,the disputes over control rights of listed companies have become widespread.Because of the conflicts of interests among different stakeholders within the company,there are endless cases that prompt them to change control rights through mergers and acquisitions.The causes,specific processes,means adopted by both sides and the impact of the control right struggle on enterprises have aroused widespread public concern and discussion.Therefore,this paper chooses the theme related to the contest for control rights,and through a comprehensive interpretation of the whole process of the contest for control rights of the Changyuan Group,deeply analyses the reasons for the outbreak of the contest for control rights,compares the changes of financial indicators and non-financial conditions of the company before and after the contest for control rights of the Changyuan Group,and then points out the impact of the contest for control rights on the Changyuan Group.In addition,this paper draws relevant conclusions and Enlightenments from three perspectives of ownership structure,articles of association and corporate governance,in order to provide experience for other companies to smooth transition of corporate control.This paper mainly consists of five parts.The first part is the introduction.This part firstly elaborates the research background and significance.Secondly,it combs the domestic and foreign research reviews separately and makes literature review on them.Secondly,it puts forward the research ideas and methods,determines the research content and technical route,which first defines the concepts of control right,control right contention,ownership structure and financial consequences,and then elaborates the relevant theoretical basis.After constructing the theoretical framework,the third part is the case introduction of the controversy over the control rights of Changyuan Group.In this part,firstly,it introduces the parties involved in the contest for control rights,then combs and reviews the whole process of the contest for control rights of Changyuan Group in chronological order.Finally,on this basis,it analyses and discusses the reasons behind the contest for control rights.The fourth part is the analysis of the impact of the contest for control rights of Changyuan Group.Firstly,the market reaction caused by the contest for control rights is analyzed.Then,the impact on the company's financial situation and operating performance is studied.Specifically,the relevant indicators of solvency,operating capacity,profitability and growth capacity are selected for comparative analysis.Finally,from the perspective of market reaction caused by the contest for control rights,the paper makes a comparative analysis of the relevant indicators.The positive and negative aspects of the impact of corporate governance are analyzed and elaborated.The fifth part is the conclusion and Enlightenment of the case.This part draws relevant conclusions and Enlightenments based on the above four parts: the controversy of control rights is a double-edged sword.When facing the controversy of control rights,enterprises should make use of it to remedy the defects existing in the company and seek the best way to enhance the company's market competitiveness.